So, I was browsing through the web as usual, when I came across Amex reviews and to my surprise, apparently, Amex had disowned card holders by canceling their cards for "no reason". And it's not just one... the more I searched, the more posts I saw of former Amex members who say Amex "robbed" and conned them from their reward points and stuff. So what I want to know is: are these stories true, or are they just fake and made up by people to deter potential Amex customers???

My confidence as of now is a little shaken, so please have some good input!

Moneytalks wrote:So, I was browsing through the web as usual, when I came across Amex reviews and to my surprise, apparently, Amex had disowned card holders by canceling their cards for "no reason". And it's not just one... the more I searched, the more posts I saw of former Amex members who say Amex "robbed" and conned them from their reward points and stuff. So what I want to know is: are these stories true, or are they just fake and made up by people to deter potential Amex customers???

My confidence as of now is a little shaken, so please have some good input!

I can't say from personal experience. From personal experience, I can say that I burned Amex years ago, and yet they recently let me back in anyway. I have nothing but good to say about them and about how I've been treated.

I have read similar accounts that you found of people who say similar things. FR is also at the very least unpleasant. All I can tell you is be sure you have Plan B ready - alternatives to Amex. As much as we may like them, they can potentially at any time they feel like tell us to take a hike, so if you have alternatives ready, and no huge amount of rewards points to lose, it would suck but life would go on. That's kind of the way of life if you think about it - no guarantees but death and taxes. Keep in mind at all times it's a business relationship and act is if you are the employee simply keep your expectations of any loyalty in line with what you'd expect from your employer, and you won't be disappointed. (If you've been downsized, that's about the outlook you should have). That's all I can really tell you.

Never had a financial review, I've had Amex for a while. I don't understand what many people are talking about when they speak about a financial review with such fear. If you didn't lie on your application, reported your income correctly, and have sufficient funds in your bank accounts then why would you be worried about Amex canceling your cards for no reason. Between the annual fee and the transaction fees Amex wants your business. I would think as long as you didn't charge a ridiculous amount of money on your charge card I.E. someone making $30k/year charging $10k one month then you wouldn't have an issue.

from what i know many people like to rant/complain about certain things that are not in their favor. the rants/complains are mostly one sided. when was the last time you heard a complaint that started like this:

"i missed a few payments with amex so they got on their high horse and cancelled my card without noticed. they have some nerve."

you normally hear"

"amex got on their high horse and cancelled my card without notice. i been a customer for 100 years and put through a zillion dollars on my charge card. they have some nerve"

also you hear a lot of "i missed a few payments due to economy and amex cancelled my account. even though i been a loyal member for 20 years". amex is in the business of making money and not friends. as the saying goes "it's not personal, it's business".

as for majority of the complaints i'm sure we are only hearing/reading a partial truth.

What I've heard is that if you miss 2 or 3 payments in a row most likely amex will shut down your charge card right away. Charge cards are easier to get approved for but they also represent less risk to the company because if you fail to pay they have the right to close your card immediatly. With credit cards is different because you can get them with a balance of $20k, as long as you pay your minimun payment they can't close your account, but sometimes debt like that becomes unpayable

PopiLopi wrote:What I've heard is that if you miss 2 or 3 payments in a row most likely amex will shut down your charge card right away. Charge cards are easier to get approved for but they also represent less risk to the company because if you fail to pay they have the right to close your card immediatly. With credit cards is different because you can get them with a balance of $20k, as long as you pay your minimun payment they can't close your account, but sometimes debt like that becomes unpayable

They can actually close your account anytime they like. You are still liable for the charges you made. But they say right in the user agreement that they do not have to honor charges and can close the account at any time. If they FR you and you do all they ask they can still close you down. It's "at-will" credit if you'll pardon the term - you or they can at any time, with or without notice and with or without cause, "quit" essentially.

They can close your account at any time BUT must continue to honor the agreement that was in place before they cancelled you. So if you are paying minimums on time every month on a maxed out card - then you still get to continue making minimum payments on a cancelled card. Not a whole lot of incentive to cancel you.

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